G8 2004 Analysis and Comment

Jubilee USA report from Georgia:
Unfortunately, we have bad news to report from the summit. We just finished
watching President Bush's final press conference and Reuters and AFP have
also now confirmed that what the G-8 have agreed to on debt for impoverished nations is: 1) the HIPC program will be extended for 2 more years and 2) that some additional money will be committed to "top-up" the initiative to bring a few more countries to "debt sustainability." This is of course wholly insufficient and legitimizes HIPC, which after 8 years has failed to provide an exit from the crisis.

That's the bad news. The GOOD news is: for the first time, there was serious consideration by the G-8 -- in particular by the UK and the US Treasury department to support 100% cancellation. Reports in the Wall Street Journal, Financial Times, Washington Post, and the Guardian (UK) over the past few days confirm that 100% debt cancellation was being discussed at the highest levels!

Click here to read the Jubilee USA press release
Click here to read the BBC's report on the outcomes
Click here to read the Guardian's report
Click here to read Reuter's report